K3 shareholder ends talks

THE man who had begun talks with the management of Salford-based software firm K3 Business Technology with a view to launching a buy-out has said he won’t be progressing a bid for the firm.

Investor Johan Claesson, who is the company’s biggest single shareholder, had begun talks with the firm last month and had until 5pm today to state whether or not he would progress with a bid.

Mr Claesson has put out a statement saying that talks have now ended.

“Since the initial approach, Mr Claesson has been informed by the board of K3 that it did not wish to take Mr Claesson’s proposal forward and would not be recommending it to shareholders.

“Therefore, Mr. Claesson confirms that he will not be making an offer for K3 and discussions with regard to his making an offer have ceased.”

Once talks began, K3 appointed advisors to conduct a strategic review of the business, which is continuing. Mr Claesson said he would continue his role as non-executive at the firm and would work with the board during the review “in order to seek to maximise value for all K3 shareholders”.

K3 confirmed that it could not agree a deal which the board felt “properly reflected the underlying value of the company and its prospects”.